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Segment Information
 12 Months Ended
Jan. 28, 2017
Segment Information

Note H.    Segment Information

TJX operates four main business segments. The Marmaxx segment (T.J. Maxx, Marshalls and tjmaxx.com) and the HomeGoods segment both operate in the United States, the TJX Canada segment operates Winners, HomeSense and Marshalls in Canada, and the TJX International segment operates T.K. Maxx, HomeSense and tkmaxx.com in Europe and Trade Secret in Australia. TJX also operates Sierra Trading Post, an off-price Internet retailer that operates a small number of stores in the U.S. The results of STP are included in the Marmaxx segment.

 

All of TJX’s stores, with the exception of HomeGoods and HomeSense, sell family apparel and home fashions. HomeGoods and HomeSense offer home fashions.

The percentages of our consolidated revenues by major product category for the last three fiscal years are as follows:

 

      Fiscal
2017		     Fiscal
2016		     Fiscal
2015		  

Apparel

       

Clothing including footwear

      54 %      55 %      57 % 

Jewelry and accessories

      15       15       14  

Home fashions

      31       30       29  

Total

      100 %      100 %      100 % 

For fiscal 2017, TJX Canada and TJX International accounted for 23% of TJX’s net sales, 15% of segment profit and 24% of consolidated assets. For fiscal 2016, TJX Canada and TJX International accounted for 23% of TJX’s net sales, 17% of segment profit and 23% of consolidated assets. For fiscal 2015, TJX Canada and TJX International accounted for 24% of TJX’s net sales, 19% of segment profit and 23% of consolidated assets.

TJX evaluates the performance of its segments based on “segment profit or loss,” which it defines as pre-tax income or loss before general corporate expense, loss on early extinguishment of debt, pension settlement charge and interest expense, net. “Segment profit or loss,” as defined by TJX, may not be comparable to similarly titled measures used by other entities. These measures of performance should not be considered alternatives to net income or cash flows from operating activities as an indicator of TJX’s performance or as a measure of liquidity.

Presented below is financial information with respect to TJX’s business segments:

 

      Fiscal Year Ended  
In thousands   

January 28,

2017

     

January 30,

2016

     

January 31,

2015

  

Net sales:

         

In the United States

         

Marmaxx

    $ 21,246,034      $ 19,948,227      $ 18,687,880  

HomeGoods

      4,404,607        3,915,221        3,414,351  

TJX Canada

      3,171,127        2,854,617        2,883,863  

TJX International

      4,361,976        4,226,873        4,092,313  
     $ 33,183,744      $ 30,944,938      $ 29,078,407  

Segment profit:

         

In the United States

         

Marmaxx

    $ 2,995,045      $ 2,858,780      $ 2,736,694  

HomeGoods

      613,778        549,318        463,193  

TJX Canada

      413,417        375,306        393,622  

TJX International

      235,519        316,939        337,406  
       4,257,759        4,100,343        3,930,915  

General corporate expense

      408,236        395,643        324,414  

Loss on early extinguishment of debt

      51,773        —        16,830  

Pension settlement charge

      31,173        —        —  

Interest expense, net

      43,534        46,400        39,787  

Income before provision for income taxes

    $ 3,723,043      $ 3,658,300      $ 3,549,884  

 

Business segment information (continued):

 

      Fiscal Year Ended  
In thousands   

January 28,

2017

     

January 30,

2016

     

January 31,

2015

  

Identifiable assets:

         

In the United States

         

Marmaxx

    $ 5,440,448      $ 5,526,570      $ 5,014,573  

HomeGoods

      1,086,947        915,549        777,214  

TJX Canada

      1,345,003        1,021,584        1,020,955  

TJX International

      1,789,140        1,645,296        1,531,661  

Corporate(1)

      3,222,270        2,381,432        2,633,590  
     $ 12,883,808      $ 11,490,431      $ 10,977,993  

Capital expenditures:

         

In the United States

         

Marmaxx

    $ 449,169      $ 442,910      $ 445,041  

HomeGoods

      173,979        130,593        148,354  

TJX Canada

      100,437        71,071        100,779  

TJX International

      301,162        244,806        217,348  
     $ 1,024,747      $ 889,380      $ 911,522  

Depreciation and amortization:

         

In the United States

         

Marmaxx

    $ 385,007      $ 364,892      $ 340,830  

HomeGoods

      77,287        67,204        54,867  

TJX Canada

      62,427        54,573        66,141  

TJX International

      129,376        126,020        123,547  

Corporate(2)

      4,699        4,007        3,590  
     $ 658,796      $ 616,696      $ 588,975  

 

(1) Corporate identifiable assets consist primarily of cash, receivables, prepaid insurance, prepaid service contracts and the trust assets in connection with the Executive Savings Plan. Consolidated cash, including cash held in our foreign entities, is included with corporate assets for consistency with the reporting of cash for our segments in the U.S.

 

(2) Includes debt discount accretion and debt expense amortization.